The Board of Governors of the Federal Reserve System has published a revision to its staff commentary that interprets the requirements of Regulation C, Home Mortgage Disclosure. Attached is the final rule that took effect on January 1, 1998, and applies to all data collection in 1998.
The Federal Reserve Board is required to adjust annually the HMDA asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price index for urban Wage Earners and Clerical Workers. The adjustment reflects changes for the 12-month period ending each November. In 1998, credit unions with assets totaling $29 million or less are not required to collect HMDA data.
To obtain copies of any regulations or official staff commentaries, you may contact FRS Publications at (202) 452-3245.
Norman E. D’Amours